So I’m pretty sure I’m against Social Security privatization, as the President has proposed it. I don’t know why, other than that most of the people I respect and listen to oppose it.
But it occurs to me that there might be a progressive angle in aguing for privatizing Social Security.
One thing that comes back time and time again to hurt progressives is the Wall Street’s insanely short attention span when it comes to evaluating companies. Wall Street doesn’t care one whit if the company is paying attention to future generations… they only care about next quarter.
However, if Social Security were privatized, and folks were asked to invest, they would have to look at companies whose long-term (30+ year) growth outlook was rosy. And that just might lead them to companies who are innovating in creating sustainable technologies and rewarding their workers with decent wages.
Maybe it’s a long shot, and maybe if 401k’s don’t get us to the same point, there’s no reason SS privatization would. But there might be a way here for consumers to reward companies that thing long-term.
Now Playing: Episode 366
Obama staffs up, Detroit comes to DC and finally, Iraq and the US come to a security agreement.
Links Mentioned: Iraq SOFA … pros and cons of a bailout.
